ICICI Bank Allows Merchants To Link Account of Any Bank With ‘InstaBIZ’

ICICI Bank, a private sector lender, has revealed that it has made its business banking mobile app 'InstaBIZ' interoperable, allowing all merchants, including customers of other banks, to benefit from its services. 'InstaBIZ' is a first-of-its-kind initiative that enables merchants-owners of grocery shops, supermarkets, restaurants, stationery stores and pharmacies-- and professionals like doctors and lawyers to instantly create digital collection solutions like UPI ID and QR code, and start collecting money from their customers immediately. They can also digitally apply for a Point of Sale (POS) device. Further, they can transform their shops into an online store in just 30 minutes, and apply for a voice messaging device that confirms the receipt of the payments.

The bank has said in a statement that "Any merchant, no matter it has a current/savings account with ICICI Bank or not, can avail the solutions by simply downloading the 'InstaBIZ' app from Play Store and link their bank account. This initiative features a completely online and instant Know Your Customer (KYC) process. Merchants do not need to visit any branch or upload any document. The initiative leverages upon advanced APIs of the Bank that instantly and digitally validate PAN/ Aadhaar number which is required for verification of KYC."

Speaking on the initiative, Mr. Anup Bagchi, Executive Director, ICICI Bank said, "We at ICICI Bank always believe that the self-employed and the MSME segment forms the backbone of the Indian economy. A large part of this segment consists of retail merchants. It is our endeavour to support merchants-around two crore across the country-- by offering them solutions that make their business easy. With this aim, we were the first to introduce 'InstaBIZ', a mobile banking app for businesses, two-and-a-half years ago."

He further added that "We believe that the benefits of our products and services should not be restricted only to our customers; those who bank with others should also avail them. In line with this philosophy of 'open architecture' of our digital banking platforms, we made 'iMobilePay', our mobile app for personal banking, available to any individual last year. It was the first of its kind initiative in the industry. Similarly, we are now delighted to extend the ease, speed and safety of 'InstaBIZ' to merchants having accounts with any bank in the country, another industry-first initiative."

"Now, any merchant can instantly avail digital collection services from 'InstaBIZ' and immediately start collecting money from their customers. Merchants also get the advantage to get their KYC process done in a fully digital and paperless manner without visiting a branch of the Bank. We believe that this new and unique digital offering resonates with merchants across the country, as it frees up their bandwidth to a large extent, which they can devote to grow their main business" said Mr. Anup Bagchi.

The advantages of 'InstaBIZ's digital collection services for any merchant according to the bank are as follows:

Create UPI instantly: Merchants having a bank account with any bank can download the app, instantly link their bank account and generate a UPI ID easily. This helps them to collect payment physically at the store, home deliveries and online payments. The facility provides instant settlement of payment in the merchant's account as compared to the industry practice of getting it credited on the next day.

Create QR code instantly: Merchants can instantly create and activate QR code and link it with their account in any other bank. They can then generate digital QR codes with specific amounts and share them with customers digitally on email or messaging platforms. They can also take printouts, keep them at their stores and start collecting payment immediately.

Apply and manage POS: Merchants can apply for POS through the app itself and receive it in a day if they are based in major cities. They can digitally place service requests like indents for paper roll, terminal issue, activating EMI, international card acceptance, statement request, transaction status, GST invoice among others, through 'InstaBIZ'. They can also track the status of all applications of their POS device itself.

Value-added services of 'InstaBIZ'

Create a digital store: The facility enables merchants of any bank to create digital stores on 'EazyStore' mobile app. They can choose from over 500 attractive templates and catalogs to design their digital store. The facility also enables merchants to create promotional campaigns, manage invoicing, inventory and collections. The digital stores can be created in flat 30 minutes with just four clicks.

Apply for UPI contactless solutions: Merchants can order counter standee/ plaque for UPI payments from the app itself is quick and easy steps. They can also apply for a voice messaging device, 'EazySound', to get real-time instant payment confirmation for both successful as well as failed transactions.

Loyalty programme: The merchants are also offered 'Eazy Rewards Programme', another industry first feature. With this, merchants accepting instant cashless payments from customers through POS/QR solution, get points for transactions that can be redeemed for shopping, vouchers, vacations among others.